India's Tata Group to Sponsor Ferrari
Ferrari have bucked the global economic crisis squeezing Formula One by agreeing a sponsorship deal with Indian carmaker Tata. Tata group makes World's cheapest car and also own Taj hotel which was recently attacked by terrorists in Mumbai. Tata alos owns the luxury brands of Jaguar and Land Rover to Nano. It is big Indian conglomerate with interest in several business in India and abroad.
Tata and Ferrari's parent company Fiat have a joint venture in the Indian state of Maharashtra to produce cars.
"For the first time an Indian brand will appear on a Ferrari," Ferrari chief Luca di Montezemolo said. "It's a historic event."
Tata and Ferrari's parent company Fiat already have a joint venture to produce cars in India.
Tata is most famous for producing the Nano which, at £1,325, is believed to be the cheapest car in the world.
The sponsorship deal comes at a time when Formula One has announced a series of cutbacks to ease financial pressures, which were highlighted by Honda pulling out from the sport earlier in December.
From next season, savings equating to at least 30% of total budgets will be made on engines, training and staff numbers. Further cuts will then be made for the 2010 season, including an end to refuelling in races.